Thinking about moving to National? Check out what's available.

How to Calculate Exactly How Much Rent You Can Afford

Do you ever wonder whether or not your $2,000 monthly apartment rent is actually out of your budget — and maybe even impeding you from one day buying your dream home? Maybe you got carried away with your apartment's unbelievable view or generous amenities, but now that you're settled, you realize you should have chosen somewhere for a couple hundred dollars less each month.

Income, expenses and neighborhood all affect how much rent you can afford, which is why we created a tool that allows you to take all of that into account and compare the numbers side-by-side.

Once you plug in your stats (which includes monthly income after taxes, monthly expenses and the city or zip code you'd like to live in), you'll receive three different scenarios based on spending 20, 30 or 40 percent of your income on rent. Yep, we don't play around.

Say you make $4,500 per month after taxes, your monthly expenses are $1,500, and you want to live in Nashville. Spending a comfortable 20 percent on rent results in $900 per month and will leave you with $2,100 in savings after your expenses. Thirty percent (considered the "sweet spot") will run you $1,350 per month with $1,650 left over. Going up to 40 percent, which may be a stretch for some, will leave you with $1,800 for rent and only $1,200 for savings.

Within each category, you'll see suggested apartment listings that fit your budget. Plus, the calculator provides the median rent in your city as well as nearby zip codes, which in most cases are more budget-friendly. It's important to note that the calculator only provides suggested rent, as each person’s financial situation is different.

With rent on the rise in most major U.S. cities — and therefore more money going toward rent each month — many people will experience delayed home ownership, little savings, and less money for recreational activities like dinners out, movies and even vacations. However, moving into a more affordable place (say one in the 20- to 30-percent range) could result in long-term stability and even more luxuries later on, like having enough saved for a down payment on a home or a two-week adventure to Europe.

We're not telling you how to spend your money, but we think it's time we all understand what it means for the long-term when we write that monthly rent check. That's not to say there's anything wrong with spending 40 percent of your income on rent. If you spend the majority of time at home, or if your house doubles as an office, it might be worth it. However, if you work a demanding 9-to-5 job with an hour-long commute each way, it might make sense to look into a more affordable place, given that the majority of your time isn't spent at home.

It's also important to choose your rent based on your future goals. Do you want to buy a house? Travel the world? Save for a degree? Pay off any outstanding loans or debt? Before you commit to a place, no matter how desirable the rooftop pool or outdoor yard may be, use the rent affordability calculator to fully understand what that payment will mean.

Looking for a new home? Use Doorsteps to look at homes for rent today!